Procurement fintech Zip secures $100m Series C funding at $1.5bn valuation
US-based procurement fintech Zip has secured $100 million in Series C funding at a $1.5 billion post-money valuation.
Zip secures $100m Series C at $1.5bn valuation
Investors in the round include Y Combinator, CRV and Tiger Global. The new funding brings its total capital raised to date to $181 million, including its seed, $25 million Series A and $43 million Series B rounds.
Founded in 2020 and based in San Francisco, California, Zip operates what it describes as an “intake-to-procure” platform to streamline B2B purchasing and help businesses manage their spend by giving visibility on all purchases through a single platform.
The firm has also launched an “intake-to-pay” platform, extending its spend approval offering to now include automated purchase order creation and management, B2B payments and invoice processing functionalities.
With its latest funding, Zip plans to accelerate its product development, hire new talent and expand its footprint with a new office in Dallas, Texas. It also aims to integrate AI into its intake-to-pay process to “maximise efficiency and synthesise insights”.
In a recent survey conducted by Zip, the firm found that while nearly half of the businesses it surveyed are looking to reduce operational costs, only 11% stated that the majority of their spend is under management, or PO-backed.
“Businesses are no longer able to turn a blind eye when it comes to controlling spend, operating efficiently and mitigating risk,” says Rujul Zaparde, co-founder and CEO of Zip.
Zip currently claims to have more than 200 business customers, including the likes of Snowflake, Coinbase, Canva, Webflow and Databricks.
